The Federal Government on Monday took a second look at the recent report of the African Development Bank (AFDB), which stated that the economic growth did not translate into job creation or poverty alleviation in the country.
According to the Minister of Information, Labaran Maku, the report lacks appropriate and illuminating global context.
In a statement, the Minister also noted that the report covered 2006-2010, saying it did not take into account various achievements that have been recorded by the President Goodluck Jonathan’s administration in the area of job creation and poverty alleviation.
Maku, argued that contrary to the report, Nigeria remains the highest destination for Foreign Direct Investment (FDI) inflows into Africa ahead of South Africa and Egypt.
The Minister while buttressing his point that the report is faulty, recalled Nigeria was recently honoured in recognition of its effort towards meeting the Millennium Development Goal (MDG) of reducing people living in absolute hunger by half well ahead of the 2015 target set by the United Nations.
The statement reads, “As earlier stated, it is important to point out that the AFDB report is a dated report considering that the data being referred to cover between 1996 and 2010. Over the past 2—3 years, the administration of President Goodluck Jonathan has done a lot to fight poverty, create jobs, and reduce inequality.
“This government has undertaken significant policy reforms targeted at addressing the challenges identified in the report. These policy interventions have contributed positively to turning things around beyond the picture painted in the report.
“Poverty is a national challenge that transcends the whole country cutting across party divides. In reality, the responsibility of fighting poverty does not rest solely with the Federal Government. States and Local Governments share in this responsibility too. State governments hold the key to fighting poverty in their states.
“Dealing with poverty as a partisan phenomenon would be trivializing the problem. All hands need to be on deck to fight poverty. Federal Government efforts are mainly at the policy level, while actual projects/programmes are carried out by the states. In spite of this, Federal interventions to reduce poverty have taken place in Agriculture; Health; Education; Housing; Communication Technology; Works; Transportation and other sectors of the economy.
“The AfDB report presents poverty, inequality, and unemployment in Nigeria without the appropriate and illuminating global context. Yet, these three challenges have increasingly become global issues, which policymakers around the world are grappling with everyday.
“For example, South Africa’s unemployment rate and Gini Coefficient, which measures the dispersion in income and wealth amongst individuals, is 26% and 0.63, respectively, compared to Nigeria’s 24% and 0.45.
“The Gini Coefficient for other comparator countries like Brazil, China, and Singapore are 0.52, 0.47, and 0.48, respectively. Despite our favourable comparisons, these numbers trouble us. And that is why the Administration of President Goodluck Jonathan has been working very hard to address them.
“It is pertinent to point out that we are growing the Nigerian economy faster than any other country’s economy on the continent, with this year’s GDP growth put at 6.7%.
“Nigeria remains the highest destination for Foreign Direct Investment inflows into Africa over and above South Africa and Egypt. This is the direct result of the fundamental reforms being implemented under President Jonathan’s Transformation Agenda, Maku stated.”
